Treasury Issues Crypto Guidance for Sanctions Compliance

The U.S. Treasury Department has issued guidelines specifying how to ensure virtual currency transactions comply with the government’s sanctions policies, a move by the Biden administration to thwart ransomware attacks, money laundering and other abuses. The new rules emphasize using geolocation tools that block IP addresses from sanctioned countries, ongoing monitoring of sanctioned entities and individuals and periodic review of transactions involving blacklisted virtual currency addresses. Treasury’s Financial Crimes Enforcement Network has had virtual currency rules in place since at least 2011, but this update gives the directives new teeth. Continue reading Treasury Issues Crypto Guidance for Sanctions Compliance

Epic Games Wins a Partial Victory in Legal Battle With Apple

U.S. District Judge Yvonne Gonzalez Rogers ruled that Epic Games can maintain access to Apple’s Developer Tools but that its game “Fortnite” will stay out of its App Store. “Apple has chosen to act severely, and by doing so, has impacted non-parties, and a third-party developer ecosystem,” wrote the judge. Epic Games founder and chief executive Tim Sweeney is battling Apple and Google over their app store commissions. Apple’s response to the ruling was to state it looked “forward to making our case to the court in September.” Continue reading Epic Games Wins a Partial Victory in Legal Battle With Apple

Rivals Qualcomm, Apple Cite National Security in 5G Cases

Qualcomm stated that a Federal Trade Commission (FTC) case arguing it suppressed competition in smartphone chips and charged excessive licensing fees could risk U.S. national security. The company is joined by officials from the Defense and Energy Departments who, said sources, have urged FTC commissioners to settle the lawsuit. Those opposing the case contend that Qualcomm’s financial losses from its passage will limit its ability to compete with China’s Huawei Technologies in developing 5G networks and equipment. Continue reading Rivals Qualcomm, Apple Cite National Security in 5G Cases